Funding arb · Price arb /

BZ

RWAall BZ markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0329%/8h= −36.0% APRpaid last 24h +0.002%

Price spread now: SunX against GMX−0.026%7-day average +0.019% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on GMX Short on SunX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.017%+$2 on $10k

Price spread, last 4 days (all we have)+0.041%+$4 · spread now −0.026%, 7d avg +0.019%

Together, before fees+0.058%+$6 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$10 a day on $10k at the current rate, and SunX is 0.045% cheaper against GMX than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of +0.019%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid 0.017% in total (about 1.8% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX BRENTOIL/USD [ETH-USDC]	97.455	L +0.0329% / S −0.2771%	pay 0.0041% / 1h	7m 47s	$116K	—	111x
Short	SunX BRENTOIL-USDT	97.430	0	get 0.0000% / 4h	7m 47s	$4K	$2.4M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX against GMX. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee GMXbpFee SunXbpOrdersPrice spread, now −0.026%Rate

Funding earned: −$69.04
Price spread: −0.026% → +0.019%: −$4.51
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee SunX: 4 bp × 2 orders: −$8
Net: −$93.55
Costs to cover: 0.200%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; SunX: live order book, 9 min ago. Net counts fees only.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy GMX no order-book sample	—	—	—	—	—
Sell SunX live order book, 9 min ago	18.02 bp	26.7 bp −$27	35.2 bp −$352	doesn't fit	doesn't fit

GMX: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

BZ on 31 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Deribit BRENTOIL_USDC-PERPETUAL	−0.0263%	1h	97.460	+0.005%	$100K	$256K	15x	as long as short
Injective BRENT/USDC PERP	−0.0220%	1h	96.342	−1.142%	$8K	$7K	30x	as long as short
Coinbase International BRENTOIL-PERP-INTX	−0.0056%	1h	97.480	+0.026%	$237K	$402K	15x	as long as short
Ondo Perps BRENT-USD.P	−0.0014%	1h	97.360	−0.097%	$3.1M	$1.0M	15x	as long as short
Aster BZUSDT	0.0000%	4h	97.470	+0.015%	$339K	$860K	50x	as long as short
Binance BZUSDT	0.0000%	4h	97.460	+0.005%	$148.7M	$351.2M	100x	as long as short
Bybit BZUSDT	0.0000%	8h	97.440	−0.015%	$10.3M	$13.3M	100x	as long as short
OKX BZ-USDT-SWAP	0.0000%	4h	97.430	−0.026%	$16.1M	$19.6M	50x	as long as short
RISEx BZ/USDC	0.0000%	1h	97.398	−0.058%	$2.4M	$1.7M	20x	as long as short
Gate BZ_USDT	0.0000%	8h	97.420	−0.036%	$9.2M	$11.2M	100x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget BZUSDT	0.0000%	4h	97.470	+0.015%	$27.9M	$18.5M	100x	as long as short
Variational Omni BZ	0.0000%	4h	97.183	−0.279%	$9.4M	$6.1M	—	as long as short
GRVT BZ_USDT_Perp	0.0000%	4h	97.187	−0.275%	$14K	$332K	25x	as long as short
SunX BRENTOIL-USDTshort	0.0000%	4h	97.430	−0.026%	$4K	$2.4M	20x
HTX BRENTOIL-USDT	0.0000%	4h	97.430	−0.026%	$280K	$254K	75x	as long as short
Phemex XBRUSDT	0.0000%	4h	97.450	−0.005%	$1.2M	$86K	100x	as long as short
Vest BZ-PERP	+0.0010%	1h	101.48	+4.130%	—	$735K	10x	as long as short
gTrade (Gains Network) BRENT/USD	L +0.0011% / S −0.0011%	1h	98.043	+0.604%	—	—	—	as long as short
edgeX BZUSDC	+0.0020%	4h	97.166	−0.297%	$223K	$228K	20x	as long as short
BloFin BZ-USDT	+0.0022%	4h	97.410	−0.046%	$1.5M	$99K	50x	as long as short
Lighter BRENTOIL	+0.0032%	1h	97.460	+0.005%	$3.3M	$4.0M	20x	as long as short
Extended XBR-USD	+0.0032%	1h	97.492	+0.037%	$737K	$2.9M	10x	as long as short
Paradex BZ-USD-PERP	+0.0050%	8h	97.421	−0.035%	$2K	$1K	5x	as long as short
tradeXYZ xyz:BRENTOIL	+0.0050%	1h	97.480	+0.026%	$155.8M	$114.9M	20x	as long as short
Polymarket Perps BRENTOIL-USD	+0.0050%	1h	97.496	+0.042%	$1.6M	$398K	20x	as long as short
Aftermath Perps BRENTUSD	+0.0082%	1h	97.226	−0.235%	$7K	$40K	5x	as long as short
KuCoin BZUSDTM	+0.0100%	4h	97.430	−0.026%	$3.8M	$801K	50x	as long as short
ApeX Omni BZUSDT	+0.0100%	1h	97.230	−0.231%	$25K	$273K	50x	as long as short
Kraken Futures PF_BRENTOILUSD	+0.0113%	1h	97.480	+0.025%	$82K	$200K	20x	as long as short
Hotstuff BRENTOIL-PERP	+0.0120%	1h	97.430	−0.026%	$34K	—	20x	as long as short
GMX BRENTOIL/USD [ETH-USDC]long	L +0.0329% / S −0.2771%	1h	97.455	long leg	$116K	—	111x